Luxury Market Crashes as “Free Money” Era Ends, Revealing Most Americans Don't Know How to Build Wealth
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Luxury items like watches, cars, and art saw huge price increases during the pandemic, but have since crashed.
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According to Jaspreet Singh, the "free money" era ended when the Fed began raising interest rates in March 2022.
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Singh says most Americans are broke because they don't know what to do with the money they earn. Wealthy people use money to grow wealth, while most Americans buy luxuries.
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Even the rich must budget carefully during economic contractions, as depreciating luxury items won't retain value.
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To build wealth, understand what to do with your money, protect it, and allow it to grow. Don't spend every dollar you earn.